What is the stock price after the recap

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Lee Manufacturing's value of operations is equal to $960.00 million after a recapitalization (the firm had no debt before the recap). Lee raised $244.00 million in new debt and used this to buy back stock. Lee had no short-term investments before or after the recap. After the recap, wd = 18.50%. The firm had 30.00 million shares before the recap. What is P (the stock price after the recap)? Round your answer to the nearest cent. Please show work.

Reference no: EM131309646

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